Is Bitcoin Used For Illicit Activities Part 3?
Source: https://upload.wikimedia.org.
At the just ended G20 Finance Ministers and Central Bank Governors Meeting which was held from the 21st to the 22nd July 2018 in Buenos Aires, Argentina, crypto-assets and cryptocurrencies were one of the main topics which came under discussion. G20 or Group of Twenty is a group of finance ministers and central bank governors from nineteen (19) of the world's largest economies and the European Union. The G20 was formed in 1999 as a forum for member countries to discuss key global economic issues. The mandate of the G20 is to promote global economic growth, international trade and financial market regulation.
During deliberations, the meeting noted that crypto-assets and cryptocurrencies "can deliver significant benefits to the financial system and the broader economy". The notion that cryptocurrencies fuelled money laundering and illicit activities were dismissed and dispelled by the meeting. "While crypto-assets do not, at this point, pose a global financial stability risk, we remain vigilant", says the communique from G20 which can be viewed at https://g20.org/sites/default/files/media/communique-_fmcbg_july.pdf.
Source: https://99bitcoins.com
The summit took a resolution that the Financial Action Task Force (FATF) should clarify how its standards apply to crypto-assets. The FATF were given an October 2018 deadline to report back.
The resolutions taken at this G20 meeting, more especially as it concerns crypto-assets, has led many Observers to believe that the resolutions are a direct consequence on the current Bitcoin bull run. Bitcoin is currently trading at a price high of $8,200 as at the time of writing this article. In June 2018, the currency suffered a bear run which saw it fall to $5,900. Since then, Bitcoin has made some significant strides, gaining $2,300 or 39% in a little over three weeks.
This trend is what has got Observers talking and led many to believe that the resurgence is a direct result of the G20 Summit, which they view as a subtle endorsement of cryptocurrencies. The Observers also believe that the bullish run will continue into the foreseeable future.
The G20 countries are shown below by way of country flags:
Source: https://www.iran-daily.com
DISCLAIMER: This is not an investment advice. Please do your own research before you invest in anything.
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There are both positives and negatives to it..